The deadline for filing updated Income Tax Returns (ITR-U) is fast approaching. Taxpayers should file before March 31, 2025, to avoid higher penalties. Filing by this date incurs an additional tax of 25% plus interest, whereas delays beyond March 31 will result in a 50% additional tax.
List of Essential Documents for ITR Filing
1. General Documents for All Taxpayers
Regardless of your income source, the following documents are required:
- PAN Card – Permanent Account Number (PAN) is mandatory for filing ITR.
- Aadhaar Card – As per Section 139AA, linking PAN with Aadhaar is essential for filing ITR.
- Bank Account Details – Include account number, IFSC code, and passbook for refunds and transactions.
- Form 26AS – A consolidated tax statement from the Income Tax e-filing portal showing TDS deducted.
- Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) – Provides details of financial transactions reported to the Income Tax Department.
- Last Year’s ITR – Helps in pre-filling data and ensuring consistency.
2. Documents Required for Salaried Individuals
If you are a salaried employee, you need:
- Form 16 – Issued by your employer, summarizing salary paid and TDS deducted.
- Salary Slips – Monthly salary breakdown for accurate reporting.
- Form 12BB – If claiming tax deductions (HRA, LTA, etc.).
- House Rent Receipts – If claiming House Rent Allowance (HRA) exemption.
- Investment Proofs – For deductions under Section 80C, 80D, etc.
3. Documents for Self-Employed & Business Owners
If you are self-employed, a freelancer, or a business owner, you should have:
- Profit & Loss Account and Balance Sheet – For income declaration.
- Bank Statements – Business-related transactions.
- GST Returns (if applicable) – For businesses registered under GST.
- Form 26AS & AIS – To verify TDS and other financial data.
- Advance Tax Payment Challans – If applicable under Section 208.
4. Documents for Income from Capital Gains
If you have earned capital gains from stocks, mutual funds, property, or other assets, keep the following:
- Stock Trading Reports – If investing in shares or mutual funds (Demat account statements).
- Property Sale Deeds – If selling property, along with purchase & sale agreements.
- Brokerage Statements – If investing in commodities, forex, or derivatives.
- Computation of Capital Gains – For calculating taxable gains/losses.
5. Documents for Income from Other Sources
If you have other income sources like interest, dividends, or rental income, you must have:
- Interest Certificates from Banks & Post Office – For fixed deposits and savings accounts.
- Dividend Statements – If earning dividends from stocks/mutual funds.
- Rent Agreement & Rental Receipts – For declaring rental income.
- Form 10E – If claiming relief under Section 89 for arrears.
6. Tax-Saving Investment Proofs (Deductions & Exemptions)
To claim deductions under various sections, submit investment proof for:
- Section 80C (₹1.5 lakh limit): LIC premium, PPF, EPF, ELSS, NSC, tuition fees, home loan principal repayment.
- Section 80D: Health insurance premium for self & family.
- Section 80E: Interest paid on an education loan.
- Section 80G: Donations to registered charities.
- Home Loan Interest Certificate (Section 24): If claiming a deduction on home loan interest.
How to File ITR Online?
To file your ITR online, follow these steps:
- Login to the Income Tax e-Filing Portal – www.incometax.gov.in
- Select “File Income Tax Return” – Choose the correct assessment year and ITR form.
- Pre-fill Data – Verify auto-filled details from Form 26AS, AIS & TIS.
- Enter Income Details – Input salary, business income, capital gains, or other sources.
- Claim Deductions & Exemptions – Enter details under various sections (80C, 80D, etc.).
- Verify Tax Liability – Check tax payable or refund status.
- E-Verify ITR – Using Aadhaar OTP, Net Banking, or Digital Signature.
Penalties for Late ITR Filing
Filing ITR after July 31, 2024 may result in:
- Late Fee under Section 234F – Up to ₹5,000 (₹1,000 if income is below ₹5 lakh).
- Interest under Section 234A – If tax is due.
- Loss Carry Forward Restrictions – If filed late, you cannot carry forward losses (except house property loss).
Final Tips to Ensure Smooth ITR Filing
✔ Collect all required documents in advance.
✔ Verify Form 26AS, AIS & TIS to avoid discrepancies.
✔ Choose the correct ITR form based on your income type.
✔ E-verify your return to complete the filing process.
✔ Seek help from a tax expert if needed.
Conclusion
With the ITR filing deadline for AY 2024-25 fast approaching, having all necessary documents ready can simplify the process and help avoid penalties. Filing your tax return accurately ensures compliance and allows you to claim eligible deductions, reducing tax liability.
